Indonesian Rupiah (IDR) is expected to strengthen today. (Image via Kurio)

IDR performs the worst at Rp15,500/USD

On Thursday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp15,500 against the U.S Dollar (USD). The rate weakened by 50 basis points or 0.32 percent compared to Wednesday’s closing rate at Rp15,450/USD. For today, IDR is moving around Rp15,250 - Rp15,500/USD.

Only the Hong Kong Dollar (HKD) accompanied IDR’s weakening, weakening also by 0.01 percent. Today, the majority of currencies of Asia – ASEAN countries strengthened instead against the USD.

Malaysian Ringgit (MYR) strengthened by 0.23 percent, S. Korean Won (KRW) by 0.22 percent, Philippines Peso (PHP) by 0.16 percent, Thai Baht (THB) by 0.12 percent, Singaporean Dollar (SGD) by 0.04 percent, and Chinese Yuan (RMB) by 0.04 percent, and the Japanese Yen (JPY) by 0.03 percent.

On the other side of the world, the currencies of developed countries reacted variously toward USD. Russian Ruble (RUB) strengthened by 0.14 percent, and Great Britain Pound sterling (GBP) remains stagnant.

The rest weakened against the USD. Reportedly, Australian Dollar (AUD) weakened by 0.17 percent, Swiss Franc (CHF) by 0.08 percent, European Union Euro (EUR) by 0.06 percent, and the Canadian Dollar (CAD) by 0.04 percent.

Fortunately, Indonesian forex experts stated that IDR might be strengthening today because of the positive sentiment on the rebound of global crude oil prices. Brent’s crude oil price came back to US$20.9/barrel or strengthening by 2.6 percent, while West Texas Intermediate (WTI) came up by 3.91 percent to US$14.22/barrel.

Not only the crude oil but also IDR’s rate is affected by the positive response of the market player on the restarting of the economic activities in some countries in European and U.S continents. U.S House of Representatives approved the additional US$480 billion economic stimuli.

Source: https://bit.ly/2XU1aTr